View the step-by-step solution to:

Broadwood Company is small manufacturer of wooden household items. Ellen Broadwood, the firm's controller, plans to implement a standard cost system...

standard cost
Broadwood Company is small manufacturer of wooden household items. Ellen Broadwood, the firm’s controller, plans to implement a standard cost system for the company. One of Broadwood’s products is a wooden cutting board. Each cutting board requires the following inputs: Materials: Lumber: 0.4 metres @ $9.50 per metre Rubber footpads: 4 @ $0.05 per footpad Labour: Preparation and cutting of board: 12 minutes @ $12 per hour Assembly and finishing: 15 minutes @ $15 per hour The boards are inspected after they are cut. Because the lumber has imperfections, one in six boards cut is rejected and fully scrapped. Four rubber footpads are attached to each good cutting board. After the footpads are attached, the cutting board is finished. Required Develop the standard cost for each good cutting board and prepare a standard cost card. The standard cost should identify the standard quantity, standard rate, and standard cost for each cost component.
Background image of page 1
Sign up to view the entire interaction

Top Answer

Dear student Please find... View the full answer

8441328.xlsx

Standard Cost Card
Item: Board
Materials
Lumber: 0.4 @ 9.50 per meter
Rubber 4 @ 0.05 per footpad
Total materials $3.80
$2.00
$5.80 Labor
Preperation and cutting of board: 12 minutes @ 12 per hour...

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online